Bond Outlook [by bridport & cie, October 26th 2005]
Virtually all comment on outgoing Fed Chairman Greenspan and incoming Bernanke is so adulatory that no further praise is necessary. In fact, we stand against the current, as we do not go along with seeing Greenspan as beyond criticism. The reason is simple: building economic growth on the basis of huge indebtedness at household, government and national level is an abuse of reserve currency status and an act of great irresponsibility vis à vis the future. |
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